Trump cuts financial lifeline for Venezuela's government by ending permit to export oil to US

President Donald Trump announced the termination of Chevron Corp.’s permit to pump and export Venezuelan oil, citing President Nicolás Maduro’s failure to meet democratic conditions and deport immigrants. The permit, issued by the Biden administration in 2022, exempted Chevron from economic sanctions and was set to be renewed Saturday, with estimated earnings for Maduro’s government reaching $4 billion. Chevron is considering the implications of the decision, as Venezuela, despite having the world’s largest proven oil reserves, has faced declining production due to corruption, mismanagement, and U.S. sanctions.

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